Buy and Hold Investors: Do you know about Opportunity Zones?

[David Friedman]

Are there any investors out there investing into Opportunity Zones in California?

My company submitted several tracts in San Bernardino that were approved by the government and we are now focusing our efforts to buy in those zones and improve the property. My partner is an accountant familiar with the new tax codes that were recently released by the IRS, but I still have yet to see investors discuss this method.

For those that do not know, if you invest in a business or improve real estate in an area with poverty levels 20% or greater, you can completely write off your capital gains in 10 years if you decide to sell the property.

[Rob Moran]

@David Friedman Hey David, the final regs just came out for the OZ's a couple of weeks ago so I think folks are still figuring out how they will be implemented. Important to note, you must invest through an investment fund set up for this purpose so it's a bit more complicated than one might think. Here's a portal the State of CA created to help provide more information - https://opzones.ca.gov/

Hope this helps.